Tanjung Offshore posted a net profit of MYR1.7 million (USD400,000) for the second quarter of 2015, reversing a loss of MYR1.2 million in the same quarter last year.
But the Malaysia-listed offshore services provider’s earnings have slipped with the completion of various engineering equipment packages, while several contracts remain at the bidding stages.
“The business operations of the group were not affected by any seasonal or cyclical factors in the oil and gas industry,” said Tanjung Offshore in its filing to Bursa Malaysia.
Tanjung’s second-quarter revenue sank 55% year on year to MYR15.4 million, down from MYR34.5 million in the same quarter last year, while its gross profit dropped to MYR1.8 million, down from MYR7.07 million.
The company disposed of its maintenance services division last year so its revenue depends on its engineering equipment packages division and its products and services division.
Tanjung Offshore’s stocks are currently trading at about MYR0.34 per share. No dividend was declared or paid during the quarter.